The New South Wales miner has attracted much attention over recent weeks, with Hong Kong commodities trader Noble Group and AMCI each taking out approximately 10% of Gloucester Coal after Xstrata made a $4.75 per share offer.

Gloucester chairman Andy Hogendijk said it would now be business as usual for the company, which would continue to implement the business plan and operating strategies it had in place prior to the offer.

“With the ownership issue resolved and the improved demand for coal we believe that the outlook of Gloucester Coal is very promising,” he said.

Last month Gloucester announced a net profit guidance of $18–20 million for the financial year.

The profit guidance was issued on the back of expected saleable production of 700,000 tonnes of coking coal and 1.4 million tonnes of thermal coal.

Hogendijk said today the main plans on Gloucester’s agenda now included:

• Finding a CEO to replace Gavin May, whose contract expires on July 31, 2007;
• A $30 million washery upgrade from 3.2 million tonnes per annum to 4Mtpa to accommodate coal from the Clareval seam. The design and the approval process including an environmental impact statement are both well underway, on target to be completed in 2009;
• Continuing the exploration program to identify further resources in the Gloucester Basin and convert coal inventory to JORC standard where possible; and
• Review of Gloucester’s capital management program and dividend policy in light of current capital requirements and improved outlook on coal prices.

Gloucester has two mining operations, Stratford and Duralie, both located in the Gloucester Geological Basin.

Coal from the two operations is processed at the centralised Stratford coal handling and preparation plant.